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So far Andrew Hunt has created 141 entries.

Integrating Risk Assessments and Compliance Testing

Within a corporation, the risk department conducts risk assessments. Their objective is to understand the organization’s risks and evaluate whether additional mitigation measures are necessary to keep the organization safe. An organization’s compliance department performs compliance testing. The compliance team’s objective is to evaluate the organization’s compliance framework’s performance and determine whether further controls are required to guarantee adequate compliance levels.

The fact that distinct departments and teams carry out both processes is essential. Risk departments are concerned with the organization’s risk framework, whereas the […]

Regulatory Compliance Challenges

Regulatory compliance is a dynamic domain that responds to the regulatory environment and anticipates the organization’s future needs. The challenges faced by compliance managers across the industry thus keep evolving based on regulatory pressure, emerging trends, and market risks. Here are ten regulatory compliance challenges being faced by compliance teams across the industry:

1 – Inefficient Task Management
Financial organizations often struggle to ensure that regulatory compliance and regulatory change related tasks are completed on time throughout the organization. There is no visibility of these tasks […]

How Collaboration Tech Transforms Risk and Compliance Management

Synergy has been the theme of technology and businesses for the past few decades, and it is easy to see why so many businesses want increased synergy. The use of information technology made data easier to store and analyze, which unlocked the benefits of combining different data systems. Ensuring that different processes are in sync has two significant benefits. The first major benefit is that the redundant processes shared by various tasks can be eliminated, saving lots of time and effort. The second important benefit is […]

Synchronizing Fintech and Banks with Compliance Management Platforms

Fintech has emerged as one of the most exciting domains in the financial sector. Businesses are coming out with new innovative services and service delivery mechanisms. Customers love using apps to transfer money, pay bills, and make payments quickly. However, there is still one area where Fintech businesses are struggling: working with banks.

Fintech apps and platforms can deliver many of their services because they often operate outside of the banking regulatory framework. This limits the type of services that Fintech businesses can provide because many […]

How Technology Helps in Managing Regulatory Examination

As regulatory examinations get more sophisticated with time, compliance teams must quickly and thoroughly prepare for the exam. After all, unfavorable investigative findings may have far-reaching effects. The credibility of an organization with the financial system’s sentinels may be endangered. Additionally, the organization may face severe penalties or fines, lose face with investors and clients, or, in the worst-case scenario, be prohibited or suspended from the industry. This highlights the importance of financial firms stepping up their game and conducting due diligence before facing an examination […]

What the OCC’s FAQs Reveal About the Future of Banking and Fintech

Fintech has emerged as one of the most exciting developments in the financial sector because it enables new services and products while increasing operational efficiency. The response to Fintech has been so positive in the banking and finance sector that regulatory agencies have made it one of their top priorities. While the rules and regulations that need to be created for Fintech usage in the banking and finance sector are still being formulated, there are some official documents that shine a light on the perspective of […]

Intelligent Issue Management

Risk and compliance management systems must be capable of identifying, investigating, and resolving risk and compliance issues. Enabling intelligent problem management should be a primary objective of any risk and compliance technology implementation. It has enormous efficiency and productivity benefits.

When we consider third-party / vendor risks, the matter becomes even more significant. Organizations in the financial sector need to have a centralized system for managing and tracking third-party risks using KPIs (Key Performance Indicators) and KRIs (Key Risk Indicators). Centralized systems ensure that […]

Solving the Biggest Challenges in Risk and Compliance

Many current risks and compliance management challenges have emerged due to the chaotic global happenings in 2020 and 2021. However, there are also significant structural issues many organizations are grappling with when it comes to risk and compliance, issues that need permanent solutions.

The word ‘technology’ itself is derived from the Greek word tekhnologia, which means ”systematic treatment”. It is no surprise that risk and compliance technology also focuses not just on solving current problems being faced by the financial industry but also on the […]

How Climate Became a Top Priority of Financial Regulators

Financial regulators all across the world are increasingly focusing on climate-related regulations. This focus will necessitate new regulatory standards, processes, risk models, and modifications to risk management frameworks used throughout the financial sector. Recent developments show that this change is not temporary – the steps being taken may change the financial sector at a structural level. These changes will have a significant impact on risk and compliance domains in financial organizations.

Recent Developments

Many recent developments in the government and different regulatory agencies have prompted the […]

The Importance of KRIs in Risk Management

To ensure that bank workers consider key risk indicators in their decisions and actions, the most critical KRI-related data must be made available to employees and decision-makers. Banks can choose whether to track KRIs manually or use an automated system.

KRI Tracking on Manual Basis

Many banks that manage KRIs manually use spreadsheets to track and disseminate the most recent risk data; however, taking a manual approach has its disadvantages. The most obvious is that it relies on the vigilance and accountability of the personnel who […]